Nifty Futures Intraday Trading Report August 03, 2011

I came across Fibonacci extensions and retracements some days prior to this post. It seemed to work well in the currency markets. Once or twice I had used it in our markets too. On this day, I decided to ‘test’ certain ratios – it was a trial day for me.

Everything took off with a positive note. for instance, I shorted in between 5420 and 5430 initially. I covered this short trade in between 5390 and 5400. The second time, I entered long in between 5390 and 5400. This trade, I squared off in between 5430 and 5420. Not too bad for an average day-trader, eh?

The currency markets were also in joyous mood to lent me some pips. I could gather 90+ pips trading the eur/usd.